It’s common knowledge that New York City is among the most expensive cities in the country (if not the globe). The cost of living in New York City is 38% more than the state average and 76% more than the national average, per the most recent cost of living index!
Are you preparing to relocate to New York City? Although navigating the exorbitant expense of living in NYC can be challenging, it is not impossible. We’ve gathered insider advice and techniques as seasoned movers in these busy streets to assist you keep your equilibrium while juggling the high cost of living in NYC.
You can find out more about the cost of living in various New York City neighborhoods and how to manage it even on a tight budget by reading the information below.
Living Expenses in New York City on Average
New York City has a cost of living that is almost 76% more than the national average. The cost of housing is very high—roughly 80% more than what most Americans are used to.
Even necessities like groceries and clothes have increased in price by about 9%.
Numbeo reports that the average monthly cost of living in NYC for an individual is $1,621.70, not including rent. A family of four will pay $6,004.11 more than that amount.
In addition to essential expenses, visiting the dentist or physician will set you back 7% more than the national average. Expenses for non-essentials, such as going to the movies or getting their hair done, are also affected, with expenditures roughly 9% higher.
The fact is, though, that your living expenses are mostly determined by the decisions you make. Your choice of residence, mode of transportation, and financial decisions can have a significant impact. There are methods you can save money, such as reducing your eating out or moving to a less expensive location. We’re here to guide you through the process and make the transition to a big city as simple as we can.
New York City as a Major Metropolitan Area
According to the U.S. Census Bureau, about 8.3 million people are living in the United States’ largest metropolitan area, New York City, which is also the most expensive city in the nation.
Understanding the city’s population density—27,012 people per square mile—also aids in putting its size into perspective. In the United States, a metropolitan area’s average population density is 283 persons per square mile.
In New York City, the median yearly pay is $59,752 and the average is $76,339. In the US, the average annual wage is $60,575; the median salary is $56,420.
The Cost of Rent in Various Neighborhoods
Where you look in New York City will determine how much a rental costs. The average price of an apartment in each of the five boroughs is broken down as follows:
Manhattan
In Manhattan, the average monthly rent for a one-bedroom apartment is $4,295, while the average monthly rent for a two-bedroom apartment is $4,995. Depending on your neighborhood, you can pay more or less in Manhattan than the average rate.
Brooklyn
Manhattan is more expensive than Brooklyn, but it’s still not cheap by any means. In Brooklyn, the average monthly rent for a one-bedroom apartment is $3,970, while that of a two-bedroom unit is $4,295 per month.
Queens
A one-bedroom apartment in Queens will cost you, on average, $2,475 a month. Approximately $2,900 is spent on a two-bedroom per month.
The Bronx
The average monthly cost of a one-bedroom apartment in The Bronx is $2,125. Just a few hundred dollars more per month, or $2,395, gets you a two-bedroom.
Staten Island
Of the five boroughs of New York City, Staten Island has the lowest average monthly rent ($1,800 for a one-bedroom). A two-bedroom apartment typically costs $2,300 per month, which is quite a bit more than other boroughs but still more affordable.
Some Advice for Controlling NYC’s Expense of Living
It is feasible to live on a tight budget in NYC, but you will need to be resourceful. The following advice may be helpful:
1. Look for Low-Cost Housing Right Away
Don’t put off looking for a place to live until the last minute. To obtain lower rental costs, think about relocating in the off-season (autumn or winter).
2. Share a Residence With Roommates
Rent and utilities in New York City are significantly easier to afford if you split the cost with roommates. To make an apartment more affordable, think about renting it out to one or more other people.
3. Have an Open Mind to Talk
Even if you work in Manhattan, you may not have enough money to live comfortably there. Even if it’s farther away, relocating to a more cheap borough can result in significant cost savings.
4. Take Public Transportation or Walk
It will be less expensive to walk, bike, or take public transportation than to drive your car or use a cab, Uber, Lyft, or other ride-sharing service. To save money, divide these selections with a friend if you need one.
5. Select Cost-Effective Grocery Stores
You can save even more money by shopping at more affordable food stores in addition to cooking for yourself. Popular stores providing reasonably priced food, beverages, and other household goods are Trader Joe’s and ALDI.
Make New York City Simpler by Accommodating Zenith Moving
Are you more certain that you want to move to NYC now that you know what influences the cost of living there?
Zenith Moving is prepared to help if you’re searching for a reputable and reasonably priced moving company to aid with your move. Get a free quote by contacting us right now!
